A retained life estate is a plan that allows you to donate a future interest in your home or farm to The University of North Carolina at Asheville Foundation, Inc while retaining the right to live in it for the rest of your life.
As the creator of a life estate, you deed a future interest in your home or farm to the UNC Asheville Foundation, Inc., but retain the right to live in it for the rest of your life or a term of years. You may also use a vacation home to create this kind of gift.
While you retain the right to live on your property, you continue to be responsible for all routine expenses: maintenance fees, insurance, property taxes, repairs, etc. If you later decide to vacate your property, you may rent all or part of the property in cooperation with The University of North Carolina at Asheville Foundation, Inc.
When your life estate ends, or you terminate your interest, the UNC Asheville Foundation, Inc. can then use your property or the proceeds from the sale of your property for the purpose you designate.
This information is not intended to be considered legal, tax or other professional advice. We encourage you to consult an attorney and/or professional tax advisor before making any material decisions regarding this gift option and other matters regarding charitable giving.
